When my oldest turned 5, we started giving her $2 allowance every Sunday. The only stipulation? She had to remember to ask for it. She is 7 now and she still only remembers maybe once per month. This aspect is important to me, because I want her to learn to keep track of what she is due on her own, not just be handed money every week. If she forgets, she is allowed to ask Monday and she will get $1, but after that, she loses the chance to get her allowance that week.
When she does get some money... Whether as a gift or by doing some extra chores, she wants to spend it immediately. I've tried talking her into saving some and allotting part of it for tzedakah (charity), but she seems compelled to spend it the second she gets it. Usually on something that's garbage within weeks!
So... Now, she needs to divide the money up. I give her one dollar bill and 4 quarters... I let her divide it as she sees fit as long as some goes in each if the three pouches:
Tzedakah (charity)
Save
Spend
Save can be defined however you wish. (Never touch it, save for something for a year, use it for holiday gifts, etc)
There is a little ledger in the spend and save pouches to see where it all goes. (And to prevent pilfering from siblings!)
We also have a tzedakah box, so the money for that goes directly there.
We are going to do this in Brownies this year to earn the Money Manager badge.
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